In some cases, Minnesota parents may want to give certain financial assets or other property to their children in order to pass it down through the family. If the child later gets married, however, those assets could potentially be divided up in a subsequent divorce unless the family makes the move to protect them.
When a couple decides that they need to end their marriage, they can expect to have their marital assets divided. However, there may be a few assets that are considered to be separately owned. These assets will go to the person who has a legitimate claim to them. Separate property often includes property that was obtained or owned by a person prior to getting married, an inheritance that was received by a person, a gift that was given to the person by a third party and property designated as separate property in a prenuptial agreement.